Conference commissioners met with an oversight committee of university presidents and chancellors in Washington Tuesday to approve the four-team seeded playoff, consisting of two semifinal games in bowls and a national championship game that will be put up for bid.

Commissioners presented the plan for 30 minutes then took questions from the presidents, who then deliberated for about three hours before announcing their approval.

The 14-year reign of the Bowl Championship Series- and the persistent criticism that accompanied it - is finally near its send.

"This was timely, had to be done," former Big 12 acting commissioner Chuck Neinas said before Tuesday's meetings began. "(It was in) response to the public, response to the interest in college football. The BCS has done a great deal in helping promote college football, and there's a general feeling we need to do something better to determine a national champion."

Current BCS contracts run through the 2013 season, so the playoff would go into effect after the 2014 season.